Statesmen -- United States; United States -- Biography
On the currency he spoke repeatedly and earnestly. He carefully studied
English financial history, and mastered the French and German languages
that he might study their works on political economy and finance. Says
Captain F. H. Mason, late of the Forty-second Ohio Regiment, in his
sketch of Garfield, "In May, 1868, when the country was rapidly drifting
into a hopeless confusion of ideas on financial subjects, and when
several prominent statesmen had come forward with specious plans for
creating 'absolute money' by putting the government stamp upon bank
notes, and for paying off with this false currency the bonds which the
nation had solemnly agreed to pay in gold, General Garfield stood up
almost single-handed and faced the current with a speech which any
statesman of this century might be proud to have written on his
monument. It embraced twenty-three distinct but concurrent topics, and
occupied in delivering an entire day's session of the House."
"For my own part," he said, "my course is taken. In view of all the
facts of our situation, of all the terrible experiences of the past,
both at home and abroad, and of the united testimony of the wisest and
bravest statesmen who have lived and labored during the past century, it
is my firm conviction that any considerable increase of the volume of
our inconvertible paper money will shatter public credit, will paralyze
public industry, and oppress the poor; and that the gradual restoration
of our ancient standard of value will lead us by the safest and surest
paths to national prosperity and the steady pursuits of peace."
Again he said: "I for one am not willing that my name shall be linked to
the fate of a paper currency. I believe that any party which commits
itself to paper money will go down amid the general disaster, covered
with the curses of a ruined people.
"Mr. Speaker, I remember that on the monument of Queen Elizabeth, where
her glories were recited and her honors summed up, among the last and
the highest recorded as the climax of her honors was this: that she had
restored the money of her kingdom to its just value. And when this House
shall have done its work, when it shall have brought back values to
their proper standard, it will deserve a monument."
On the tariff question, General Garfield took the side of protection,
yet was no extremist. His oft reiterated belief was, "As an abstract
theory, the doctrine of free trade seems to be universally true, but as
a question of practicability, under a government like ours, the
protective system seems to be indispensable."
Public-domain text, read in full here on John Shaqi.
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